Logo

BX

Blackstone Inc.

BX

Blackstone Inc. • NYSE
$146.40 ▲ 1.02% (+1.48)
Market Cap $175.69 B
52w High $194.00
52w Low $115.66
Dividend Yield 4.69%
P/E 41.95
Volume 1.62M
Outstanding Shares 782.64M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.089B ▼ $1.231B ▼ $624.917M ▼ 20.233% ▼ $0.8 ▼ $1.739B ▼
Q2-2025 $3.712B ▲ $1.66B ▲ $764.244M ▲ 20.589% ▼ $0.98 ▲ $1.925B ▲
Q1-2025 $2.945B ▲ $1.374B ▲ $614.852M ▼ 20.881% ▼ $0.8 ▼ $1.462B ▼
Q4-2024 $2.818B ▼ $1.141B ▲ $703.873M ▼ 24.976% ▼ $0.92 ▼ $1.57B ▼
Q3-2024 $2.998B $1.076B $780.835M 26.048% $1.02 $1.819B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.431B ▲ $45.078B ▼ $25.193B ▲ $8.397B ▲
Q2-2025 $2.235B ▼ $45.373B ▲ $24.294B ▼ $8.352B ▲
Q1-2025 $2.387B ▲ $45.256B ▲ $25.391B ▲ $7.978B ▼
Q4-2024 $1.972B ▼ $43.47B ▲ $23.975B ▲ $8.212B ▲
Q3-2024 $2.353B $42.575B $23.111B $7.008B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $1.626B ▲ $888.503M ▼ $-40.146M ▼ $-1.711B ▼ $-850.488M ▼ $848.357M ▼
Q1-2025 $1.209B ▼ $1.109B ▲ $-29.278M ▼ $139.235M ▲ $1.224B ▲ $1.08B ▲
Q4-2024 $1.329B ▼ $161.405M ▼ $-11.886M ▲ $-489.94M ▲ $-357.685M ▼ $149.519M ▼
Q3-2024 $1.565B ▲ $1.222B ▲ $-19.387M ▼ $-1.279B ▼ $-66.952M ▲ $1.202B ▲
Q2-2024 $948.363M $1.159B $-12.38M $-1.217B $-71.353M $1.146B

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Private Equity Segment
Private Equity Segment
 $220.00M ▲$790.00M ▲$350.00M ▼$410.00M ▲
Real Estate Segment
Real Estate Segment
 $80.00M ▲$70.00M ▼$40.00M ▼$90.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Blackstone’s income statement shows a business with strong earning power but meaningful swings from year to year. Revenue and profits surged earlier in the period, then pulled back, and have recently been recovering again. That pattern reflects the nature of an alternatives manager: results are highly tied to deal activity, asset sales, and market conditions rather than steady, linear growth. Margins remain very healthy. Most of what Blackstone earns in fees falls through to operating profit, and profitability is still robust even in softer years. Net income and earnings per share move around more than revenue, underlining how performance fees and market marks can amplify results on the upside and downside. Overall, the earnings profile is attractive but clearly cyclical and sensitive to financial markets.

Balance Sheet

Balance Sheet The balance sheet has expanded meaningfully over the past few years, with total assets rising as the firm has grown and added strategies. Debt levels have also climbed, which introduces more financial leverage than earlier in the period, though that’s not unusual for a large, diversified asset manager. Equity has increased over time, which points to value being built within the firm, but not as fast as total assets or debt. Cash balances move around from year to year, but they are not especially large relative to the size of the business, so Blackstone relies more on its steady fee base and capital markets access than on a big cash cushion. Overall, the balance sheet looks solid but more geared than it used to be, which is worth watching in stressed markets.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has been consistently solid, with particularly strong years when monetizations and activity are high. Even in quieter periods, the firm still produces healthy cash from its core management and advisory operations. Because the business is not capital‑intensive, spending on property and equipment is very modest. That means most operating cash flow turns into free cash flow that can be used for dividends, buybacks, debt service, or seeding new strategies. The trade‑off is that cash flows, like earnings, can be lumpy and tied to the deal cycle, but the underlying ability to generate cash remains a key positive.

Competitive Edge

Competitive Edge Blackstone holds a dominant position in alternative asset management, supported by its enormous scale, global reach, and very strong brand. Its size allows it to pursue deals and strategies that are out of reach for most rivals, and its long history of performance has built deep trust with institutional and, increasingly, individual investors. The firm benefits from powerful network effects: hundreds of portfolio companies and real assets feed information, opportunities, and customer relationships back into the platform. Its fundraising engine is a major advantage, with large pools of committed but undeployed capital giving it flexibility, especially in volatile markets. At the same time, the business is exposed to industry risks such as market downturns, changes in interest rates, valuation pressures on private assets, and rising regulatory and political scrutiny of private equity and alternatives.

Innovation and R&D

Innovation and R&D Blackstone does not do research and development in the classic manufacturing sense, but it invests heavily in technology, data, and new product design. Its in‑house data science group and use of artificial intelligence give it a more systematic, information‑rich approach to sourcing deals, assessing risk, and creating value in portfolio companies. The firm backs early‑stage fintech, software, and infrastructure companies through its innovations arm, which both generates investment opportunities and feeds tools back into its own operations. Partnerships with large technology providers and use of advanced analytics platforms further embed technology into the investment process. On the product side, Blackstone has been a leader in bringing institutional‑style private market products to individual investors and retirement plans, and in building thematic strategies in areas like data centers, logistics, and life sciences. It is also exploring ways to monetize anonymized data and expand AI‑driven solutions, while increasingly integrating sustainability considerations. These initiatives reinforce its moat but also introduce execution, technology, and data‑governance risks that need ongoing management.

Summary

Overall, Blackstone combines strong profitability, high cash generation, and a powerful competitive position with a business model that is inherently cyclical and market‑sensitive. The income statement and cash flows show that when markets and deal activity are favorable, the firm can produce very attractive results; when conditions are tougher, earnings and cash still hold up, but with noticeable volatility. The balance sheet is solid but more leveraged than in the past, relying on the resilience of its fee streams and capital markets access. Its scale, brand, fundraising capabilities, and information advantages create a formidable moat that is hard for peers to replicate. Ongoing investment in data, AI, and innovative products helps sustain growth and differentiation, especially in private wealth and thematic strategies. Key uncertainties center on financial market cycles, valuations in private markets, regulatory and political developments, and the firm’s ability to keep executing on complex technology and product initiatives at scale.

NEWS

November 20, 2025 · 8:30 AM UTC

Blackstone to Present at the Goldman Sachs 2025 US Financial Services Conference

Read more

November 13, 2025 · 9:42 AM UTC

Blackstone Energy Transition Partners Announces $1.2 Billion Investment to Build First-ever Natural Gas Power Generation Facility in West Virginia

Read more

November 4, 2025 · 7:15 AM UTC

Royalty Pharma Acquires Royalty Interest in Alnylam's AMVUTTRA for $310 Million from Blackstone Life Sciences

Read more

November 4, 2025 · 6:50 AM UTC

Merck Enters into Research and Development Funding Agreement with Blackstone Life Sciences for Sacituzumab Tirumotecan (sac-TMT)

Read more

November 3, 2025 · 4:15 PM UTC

Blackstone Completes Senior Notes Offering

Read more